Provenance, a blockchain startup headquartered in London, has secured a new round of investment led by venture fund Working Capital. The details of the funding have not been disclosed yet.
The round also received support from musician Peter Gabriel, Digital Currency Group, Merian Ventures and Plug and Play. With this funding round, Alexsis de Raadt-St. James, founder and managing partner of Merian Ventures, will join as Chairperson of the Board of Directors, and Chemain Sanan, Partner at Working Capital, will join as a Director.
We're excited to annouce @itspetergabriel has joined us as an investor and advisor! We now have a majority female board too w/ Chemain Sanan from @HumanityUnited and Alexsis de Raadt St. James from @MerianVentures: https://t.co/6DR3bwei2o via @uktnofficial #blockchain #SocEnt
— Provenance (@ProvenanceHQ) July 18, 2018
“We need to be able to trust the source and distribution chain, particularly when it comes to guaranteeing that things are produced ethically and in an ecologically sound way,” Peter Gabriel said. “I am convinced that the service Provenance provides, using their blockchain data system, is going to find a big role going forward and will be of great use to the consumer and provide a level playing field for smaller, independent producers on which to compete with the big players.”
The startup will use to fund to support its digital platform to enable brands and retailers to bring integrity and transparency to their supply chains, according to the announcement. It follows $800,000 seed funding round announced last year.
Founded in 2014, Provenance focuses on supply chain solutions. It plans to use the funding towards establishing a new standard for consumer trust in the food sector by implementing its blockchain-backed solution with over 1000 food and drinks businesses by 2025.
“Our mission at Provenance is to improve the lives and well-being of the people behind consumer products by bringing trusted, accessible information to commerce,” said Jessi Baker, CEO of Provenance. “This funding will help us develop our tools to meet the business need for more trustworthy supply chains whilst empowering shoppers to make a positive impact.”


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